ROUYN-NORANDA, Quebec, Oct. 16, 2018 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International) is pleased to report to shareholders the results of channel sampling undertaken on the “450 Gold Zone” of our 100% owned Francoeur/Arntfield Mines property, west of Rouyn-Noranda, Quebec.
As reported previously in Globex press releases dated June 12, 2018 and August 20, 2018, Globex had undertaken mapping and grab sampling of an area 450 m south of our new “South Gold Zone”. The area now called the “450 Gold Zone” was trenched in the 1930’s. Our initial grab samples, as described in our June 12 press release, returned gold assays of 14.16 g/t, 11.55 g/t, 7.06 g/t, 6.27 g/t, 5.55 g/t, 4.15 g/t, etc. and were taken in areas between the channel sample results reported from the #10 stripped area reported below. While grab samples are unlikely to be representative, these samples fit in well with the channel sample results.
In the current exploration program on the “450 Gold Zone”, three areas of shallow overburden were stripped, pressure washed, mapped and then channel sampled. In total, 110 channel samples were cut and submitted for gold analysis. Upon receipt of the assays, areas of continuous gold values were combined giving the following continuous horizontal widths and grades.
| # 10 Stripped Area | ||
| Samples Numbers | Gold Grade and Horizontal Width | Comments |
| Samples 29 801 to 29 810 | 7.04 g/t Au over 9.50 m (31.2 ft) | Open to North |
| Samples 29 817 to 29 822 | 6.68 g/t Au over 5.40 m (17.7 ft) | Open to South |
| Samples 29 827 to 29 831 | 2.08 g/t Au over 4.90 m (16.1 ft) | — |
| Samples 29 833 to 29 836 | 4.34 g/t Au over 5.05 m (16.6 ft) | Open to North |
| The four sets of channel samples cover an east west strike length of approximately 26 m (85 ft). The mineralization is open in all directions. | ||
| # 12 Stripped Area (Approximately 200 m east of stripped area #10 on a separate mineralized structure) |
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| Samples Numbers | Gold Grade and Horizontal Width | Comments |
| Samples 29 872 to 29 876 | 4.47 g/t Au over 3.50 m (11.5 ft) | Open to North |
| Samples 29 884 to 29 886 | 3.77 g/t Au over 1.85 m (6.1 ft) | — |
In comments above, the observations “Open to North or “Open to South” indicate that the width of the mineralized zone may continue in the direction indicated but overburden cover prevented additional sampling.
Globex is very pleased with the results of this channel sampling and will incorporate this information in planning our next phase of exploration which will likely include addition lines of an induced polarization survey followed by drilling.
In other news related to the Francoeur/Arntfield Mines property, Globex has purchased a residual 2% NSR that applied to the Arntfield Mines portion of the property as well as a large number of claims to the north. This is in addition to the previously announced purchase of the 1.5% NSR applicable on the Francoeur Mine Property.
Gold Assay Method: Laboratoire Expert, located at 750‐A Saguenay, Rouyn‐Noranda, Quebec, uses a 29.16 gram sub‐sample of the pulp (1 assay‐ton) and fuses it, following standard procedures used in a fire assay method. The gold content of all samples is determined using atomic Absorption Spectroscopy. Samples containing greater than 3 g/t gold are subjected to a re‐assay whereby the gold content is determined using a gravimetric fire assay method.
Other news
Despite the recent decline in the zinc price, which has now recovered somewhat, the September monthly royalty payment from Nyrstar’s operations at our Mid Tennessee royalty property was CDN $ 131,000. 2018 royalty payments to date total CDN $1,833,884.
This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
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| CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 |
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| For further information, contact: | |
| Jack Stoch, P.Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 |
Tel.: 819.797.5242 Fax: 819.797.1470 [email protected] www.globexmining.com |
Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com
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